The Federal Government, yesterday, insisted that there is a need to bring on stream the controversial Oil Prospecting Licence (OPL) 245, adding that the 28 years of legal battle over the lucrative asset must end.
The $1.3 billion sale divestment of ExxonMobil asset to Seplat is also 98 per cent completed, and would be finalised in the coming days, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said.
He disclosed that the Port-Harcourt Refinery is still undergoing testing, stressing that much work is needed to ensure that the assets address the country’s petroleum products’ needs.
Speaking on the backlash surrounding government’s efforts to resolve the OPL 245 issue, popularly called Malabu Oil deal, Lokpobiri said the Federal Government has no other business than mediate in resolving every dispute, by bringing every party to the table and ensuring that the needed benefits accrue to the federation are secured.
He added that the current administration is interested in attracting investment and opening dialogue on issues that benefit the country’s economy at this critical time.
Lokpobiri regretted that the Federal Government has virtually lost most cases instituted in the last 28 years against oil deals.
